Several venture capital organizations have invested $4.8 million in Snag-A-Slip, the Baltimore-based online boat slip rental firm announced Wednesday.
Like the Airbnb of the sea, Snag-A-Slip connects traveling boaters with marinas with spare slips available for short-term rent. Founded in 2015, its network now includes more than 500 marinas from the Caribbean to Canada.
The Series A investment round was led by Claritas Capital, a venture capital firm out of Nashville, Tenn. Other participants include the Propel Baltimore Fund, managed by Baltimore-based TCP Venture Capital; the Abell Foundation; and Jerry South, founder and chairman of Towne Park, an Annapolis-based parking services firm.
Snag-A-Slip recently launched a new website and mobile app, as well as a rewards program for boaters that earns them one free night for every 12 stays.
“We are excited to support the Snag-A-Slip team in their expansion goals,” Theresa Sexton, a Claritas Capital partner, said in a statement. “It’s clear the company has deep expertise in the maritime, hospitality and technology industries, and that they have developed a product that boaters enjoy. We feel the model is strong and the industry is ready to embrace new technology.”
The new funding will allow Snag-A-Slip to expand its marketing efforts and operations and develop new product features, it said.
“Snag-A-Slip is experiencing amazing momentum,” Dan Cowens, the firm’s founder, said in a statement.
